We examine the real effect of privatization in terms of technological innovation. To establish causality, we explore plausibly exogenous variation in privatization generated by a quasi-natural experiment – China's split share structure reform, which mandatorily converts non-tradable shares to...

We examine the real effect of partial privatization on corporate innovation. To establish causality, we explore plausibly exogenous variation in the expectation of further partial privatization generated by China’s split share structure reform, which mandatorily converts non-tradable shares...

We examine the relation between star analyst rankings and analysts’ forecast performance. To strengthen identification, we explore the exogenous variation in analysts’ incentives generated by the suspension of the New Fortune Star Analyst Contest in China. We find that the reduction in...

We investigate the impact of the purchase of Directors’ and Officers’ liability insurance (D&O insurance) on a firm’s risk-taking behaviour in China, measured by the firm’s maturity mismatch ratio. Using a unique manually collected dataset, we find a significant positive relationship...

This paper investigates how accounting standards (AS) convergence influences Chinese firms' overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms' overseas M&As. Specifically, we find that both the probability of success and the value of...

This paper investigates how accounting standards (AS) convergence influences Chinese firms' overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms' overseas M&As. Specifically, we find that both the probability of success and the value of...

We use a large pictorial sample of Chinese financial analysts to test the association between facial width-to-height ratio (fWHR) and performance in men. Financial analysts offer an ideal setting for our investigation because we can objectively track individual analysts' behaviors and...